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Mozaic Raises $20 Million to Expand Payment Platform for Creators

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Mozaic has raised $20 million to expand its payment platform for creators.

“We are thrilled to announce Mozaic’s $20M raise from Volition Capital to help creators and teams all over the world get paid together,” the company said in a Monday (Nov. 27) post on LinkedIn. “This raise will allow us to accelerate our split payments API [application programming interface] and launch our creator consumer products.”

Mozaic, formerly known as Jammber, was founded in 2015 by CEO Marcus Cobb and Senior Vice President of Growth Rachel Knepp, initially focused on developing tools for the music industry but pivoted in 2020 to create a collaborative payments product, TechCrunch reported Monday.

Recognizing the challenges that creators face when it comes to splitting payments with their collaborators, Mozaic has developed a range of solutions, according to the report.

Mozaic’s payment system aims to provide an alternative to popular platforms like PayPal, CashApp, Venmo and Zelle, which may not be available in certain countries, the report said. The core product offered by Mozaic is its API, which seamlessly integrates with platforms like Spotify, YouTube and Twitch. Music industry professionals have already embraced Mozaic’s solution to automate payments to their clients.

The payment system works by automatically distributing payments to different collaborators based on predefined rules set in Mozaic’s JSON-based smart contracts, per the report. Artists can directly receive payments and access reports about their projects on the platform.

Mozaic aims to solve the laborious and manual reporting processes involved in existing systems used by record labels and distributors, according to the report.

The company’s solution provides a more efficient and transparent alternative, the report said. Mozaic believes its cross-border competence gives it an advantage over other distributors developing automatic royalty split algorithms.

Mozaic’s solution is not limited to the music industry alone; it can also benefit creators across various platforms, including YouTubers, Twitch streamers and newsletter writers, per the report.

To further improve convenience, Mozaic plans to launch a Chrome extension and a mobile app in an invite-only mode in January, with plans to make them available to all creators later in the first quarter of 2024, according to the report. The Chrome extension will allow creators to easily add splits to various platforms, such as YouTube, Etsy, Spotify and GitHub.

Additionally, Mozaic is developing a website for businesses to improve reporting and split revenues or affiliate sales, the report said.

Small and medium-sized businesses (SMBs) often struggle with cash flow problems, and it’s no different for creators, Visa Head of Fintech Marie-Elise Droga told PYMNTS’ Karen Webster in an interview posted in June.

“Creators are generally underserved today in their financial lives,” Droga said. “They can’t be looked at through the lens of an individual consumer — this is the fastest growing category of SMBs in the world.”